Extends through 2009 the tax credit for the production of electricity from renewable resources (e.g., biomass, geothermal energy, landfill gas, and trash combustion). Includes marine and hydrokinetic renewable energy as a renewable resource eligible for such credit. Allows sales of electricity produced from renewable resources to regulated public utilities.

Extends the energy investment tax credits for solar energy (through 2016) and for fuel cell and microturbine property (through 2017). Repeals the dollar per kilowatt limitation for fuel cell property under the energy investment tax credit. Allows public electric utilities to qualify for such credit.

Extends through 2009 the tax credit for residential energy efficient property expenditures. Repeals the $2,000 limitation on the tax credit for solar electric property. Allows an offset against the alternative minimum tax (AMT) of tax credit amounts.

Extends through 2009 the tax credit for investment in clean renewable energy bonds. Increases the national limitation amount for such bonds.

Extends through 2009 deferral provisions relating to the recognition of gain by certain electric utilities.

Extends through 2009 the tax credit for nonbusiness energy property. Includes residential biomass fuel stoves (pellet stoves) as eligible energy property for purposes of such credit.

Extends through 2010 the tax credit for energy efficient new homes.

Extends through 2009 the tax deduction for energy efficient commercial buildings and increases the allowable amount of such deduction.

Extends the tax credit for energy efficient appliances to include appliances produced in 2008, 2009, and 2010. Revises and updates energy efficiency standards for such appliances in accordance with the Energy Independence and Security Act of 2007.